An exploration into Render Network, a P2P decentralised GPU marketplace.

Greythorn Asset Management
6 min readJun 28, 2023


Rendering refers to the final process for artists to create 3D images generated from models.

Founded by the CEO of OTOY in 2016, Render Network is a peer-to-peer decentralised GPU marketplace built on Polygon and set to migrate to Solana after a vote was passed in April.

They connect users in need of rendering jobs with those who have idle GPUs that can contribute computing power to render projects and earn crypto in return.

What problem does Render want to solve?

The current market environment favours larger, established renderers. Relatively smaller projects can complete tasks on a local desktop or cloud service, however, 3D games and movie-like visual effects require significantly higher levels of GPU power consumption, time, and costs.

Render solves the problem of limited access to GPU rendering, high costs, and lower speed while unlocking the potential of idle GPU power around the globe. Additionally, storage services are also available for creators.

How does it work?

The workflow of Render can be summarised as follows;

  1. Any device with idle GPU computing power can be registered on the Render Network, and this GPU device becomes a Node Operator.
  2. Users (i.e. Creators*) with rendering needs will send the respective files to be rendered to the Render Network. The network will then assign these tasks to Node Operators.
  3. Creators need to select a tier, estimate the cost and pay RNDR according to the complexity of the task. The higher the tier, the faster tasks will be completed.
    The Creator account can be recharged with both Render credit (1 credit = €1) & Render tokens. Deposits cannot be withdrawn.
  4. A Node Operator renders with and only with OctaneRender (developed by OTOY).
  5. When the Node Operator completes the task and sends it to the Render Network, they will be rewarded with RNDR in 7–10 days. OTOY will also receive a portion of tokens (0.50% — 5.00%) to maintain the network.

*To be eligible and become a Creator, a user must have an active OctaneRender License or Subscription, which costs €19.99 — €23.95. These proceeds are directed to OTOY.

Token Summary

  • Token: $RNDR
  • Market Cap: ~$742m
  • FDV: ~$1.07b

Tokenomics (Initial)

Fig 2: RNDR Tokenomics, Source: Greythorn Research Team, Data: Render Network

2. Use Cases:

  • Transaction: Creators pay, and Node Operators receive.
  • Rewards: Node Operators are rewarded with RNDR.
  • Participation: Holding RNDR grants users access to the network.
  • Governance: Voting Rights.

BME Update (Burn & Mint Equilibrium)

  • What is it?

Under this new model, instead of users paying for services in RNDR, they will now pay in USD, and an equivalent value of RNDR will be burned, leading to a continuous reduction in the supply of the RNDR token.

Concurrently, an equal amount of credits will be minted and issued to track tasks. In each epoch, operators will be rewarded based on their availability and the number of tasks they complete.

  • How are Node Operators compensated?

For each epoch, new tokens will be minted independently of those burned. These rewards are segmented into two categories, namely, Job Completion Rewards and Availability Rewards.

  • How are Creators incentivised?

Each epoch, creators will receive back a percentage of their spent tokens as rewards.

  • Addition of a liquidity pool

LPs can stake into the liquidity pool and receive rewards, thereby making RNDR available for this new system of burning and minting.

  • Advantages

Better value accrual for RNDR as a commodity.

It maintains network equilibrium in a way that the value of the network is reflected in the value of the token. BME can potentially become a deflationary mechanism that increases the value of RNDR.

Bullish Fundamentals

  1. Base Infrastructure Layer: Rendering can be considered as the infrastructure layer for web3 themes such as the Metaverse, NFTs, GameFi & AI.
    With the emergence of AI, there is a large market for low-cost rendering & computing power.
  2. Early Mover Advantage
  3. Experienced Team & Backing:

4. The BME update significantly improved the token economy for all stakeholders on the platform.

Bearish Fundamentals

  1. Entry Barrier & Centralised Management:
  • Limited audience: Node Operators have to use OctaneRender. Operators need to fill out an EOI to be selected and connect to the network.
  • Files uploaded by Creators in .orbx are stored by the network and the distribution of rendering tasks is also centralised.

2. Security: No audit reports on its smart contract.

3. Render Network is a traditional rendering solution with $RDNR token incentives, however, the incentives do not necessarily need to be on-chain.

Closing Remarks

With the considerable growth of emerging technology themes such as AI, GameFi, Metaverse, and NFTs, more creators are entering the market, creating demand for more complex image & video processing services. However, distributed rendering & the marketplace for GPUs is still relatively niche with notable demand and limited competition, allowing Render a significant early mover advantage in capturing the current market.


  • CoinGecko. 2023. Cryptocurrency Prices, Charts, and Crypto Market Cap | CoinGecko. [online] Available at: <> [Accessed 23 June 2023].
  • CoinMarketCap. 2023. Cryptocurrency Prices, Charts And Market Capitalizations | CoinMarketCap. [online] Available at: <> [Accessed 23 June 2023].
  • DefiLlama. 2023. DefiLlama. [online] Available at: <> [Accessed 23 June 2023].
  • Render Network Knowledge Base (no date) Render Network Knowledge Base — Render Knowledge Base. Available at: (Accessed: 23 June 2023).

Important notice and disclaimer

This presentation has been prepared by Greythorn Asset Management Pty Ltd (ABN 96 621 995 659) (Greythorn). The information in this presentation should be regarded as general information only rather than investment advice and financial advice. It is not an advertisement nor is it a solicitation or an offer to buy or sell any financial instruments or to participate in any particular trading strategy. In preparing this document Greythorn did not take into account the investment objectives, financial circumstance or particular needs of any recipient who receives or reads it. Before making any investment decisions, recipients of this presentation should consider their own personal circumstances and seek professional advice from their accountant, lawyer or other professional adviser. This presentation contains statements, opinions, projections, forecasts and other material (forward looking statements), based on various assumptions. Greythorn is not obliged to update the information. Those assumptions may or may not prove to be correct. None of Greythorn, its officers, employees, agents, advisers or any other person named in this presentation makes any representation as to the accuracy or likelihood of fulfilment of any forward looking statements or any of the assumptions upon which they are based. Greythorn and its officers, employees, agents and advisers give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. None of Greythorn and its officers, employees, agents and advisers accept, to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this presentation. This presentation is the property of Greythorn. By receiving this presentation, the recipient agrees to keep its content confidential and agrees not to copy, supply, disseminate or disclose any information in relation to its content without written consent.



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